I'm a Forex Newbie and this is my first live account. After about a year of practising with a demo account I'm taking the plunge with a small account.
I've already been trading with it a short while, opened it in ealry January. I started with £300, getting that up to £330 by early February but then I made a few mistakes (breaking my SL/TP rules) and gave most of that profit back. Now I am applying money management skills and want to document my progress on here so that I can get any tips or pointers along the way.
My Risk/Reward is 1:2 and my method is fairly simple for now. I am going to use RSI when the market is sideways and Bollinger Bands, MACD and Stochastics for when it's trending. I always look at Support and Resistance when calculating my odds too since this worked for me when I was solely a mid - long term commodity trader.
So far the account equity is £305.12, my risk is between 1% and 2% per trade. This fluctuates based on time frame and how certain I am of each opportunity. If in my mind I believe there is anything less than a 60% chance of something playing out I do not make a trade. Once I have made up my mind I place the trade and then log out so that my emotions cannot get the better of me and make me move my SL or TP (which caused me to lose most of that profit I mentioned earlier.
I have 1 trade open right now.
- Short USD/JPY at 93.504 with a SL at 93.660 and a TP at 93.384
I've already been trading with it a short while, opened it in ealry January. I started with £300, getting that up to £330 by early February but then I made a few mistakes (breaking my SL/TP rules) and gave most of that profit back. Now I am applying money management skills and want to document my progress on here so that I can get any tips or pointers along the way.
My Risk/Reward is 1:2 and my method is fairly simple for now. I am going to use RSI when the market is sideways and Bollinger Bands, MACD and Stochastics for when it's trending. I always look at Support and Resistance when calculating my odds too since this worked for me when I was solely a mid - long term commodity trader.
So far the account equity is £305.12, my risk is between 1% and 2% per trade. This fluctuates based on time frame and how certain I am of each opportunity. If in my mind I believe there is anything less than a 60% chance of something playing out I do not make a trade. Once I have made up my mind I place the trade and then log out so that my emotions cannot get the better of me and make me move my SL or TP (which caused me to lose most of that profit I mentioned earlier.
I have 1 trade open right now.
- Short USD/JPY at 93.504 with a SL at 93.660 and a TP at 93.384